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Answer:
The answer is $221
Explanation:
LIFO means Last in First out i.e the inventory that was bought last will be sold out first.
Opening balance:
November 1: 5 units at $19 each
Purchased:
November 2: 10 units at $21 each
Purchased:
November 6: 6 units at $24 each
Sold:
November 8: 10 units at $54 each
Total number of units bought plus Beginning inventory = 5 + 10 + 6 = 21 units
Therefore, number of units remaining at November 8 after sales is 21 - 10
=11 units.
So according to LIFO, we have:
6 units at $21 = $126
5units at $19 = $95
$95 + $126
=$221
The number of units remaining on November 8 after-sales is $221
What is the Inventory method?
When LIFO means Last in Rather out i.e the inventory that was bought last will be sold out first.
Then the Opening balance is:
After that, November 1: 5 units at $19 each
Purchased:
Then November 2: 10 units at $21 each
Purchased:
Now November 6: 6 units at $24 each
Sold:
Now, November 8: 10 units at $54 each
The Total number of units bought plus Beginning inventory is = 5 + 10 + 6 = 21 units
Thus, the number of units remaining on November 8 after sales is 21 - 10
=11 units.
After that, according to LIFO, we have:
Then 6 units at $21 = $126
Then 5units at $19 = $95
Now, $95 + $126
Therefore, =$221
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